Background*

Mr. Terry J. Lundgren has been the Chief Executive Officer of Macy's, Inc. since February 26, 2003. Mr. Lundgren served as President of Macy's, Inc. from May 1997 to March 31, 2014 and its Chief Operating Officer & Chief Merchandising Officer since April 15, 2002. Mr. Lundgren began his retailing career in 1975 as a trainee with Bullock’s, a Los Angeles-based division of Federated. Mr. Lundgren was named senior vice president and general merchandising manager of Bullock’s ... in 1984. In 1987, he was named president and chief executive officer of Bullocks Wilshire, an upscale chain of specialty department stores owned by Federated. Mr. Lundgren left Federated in 1988, joining Neiman Marcus in Dallas, Texas, where he served briefly as executive vice president and shortly thereafter was named chairman and chief executive officer. He returned to Federated in April of 1994 as chairman and chief executive officer of the Federated Merchandising Group. As chief executive officer, Mr. Lundgren led Federated’s acquisition of The May Department Stores Company in August 2005, again nearly doubling the size of the company. He serves as chairman of the American Society of Corporate Executives. He serves as a Co-chairman of The Partnership For New York City, Inc. Mr. Lundgren has been the Chairman of Macy's, Inc. since January 15, 2004. He served as the Chairman of National Retail Federation Inc. He served as the Chairman of National Minority Supplier Development Council Business Consortium Fund, Inc. until October 2012. He has been Vice Chairman of Economic Club of New York since June 30, 2014. He has been a Director of Macy's, Inc., since May 1997. He has been an Independent Director of Kraft Foods Group, Inc. since October 1, 2012. Mr. Lundgren serves as a Director of United Way of New York City and Committee Encouraging Corporate Philanthropy. He serves as a Director of National Retail Federation Inc. He has been a Director of The Federal Reserve Bank of New York since September 2011. He has been an Independent Director of The Procter & Gamble Company since January 8, 2013. He serves as a Trustee at Carnegie Hall Corporation. He served as a Director of New York City Investment Fund Manager, Inc. and National Minority Supplier Development Council Business Consortium Fund, Inc. He served as a Director of Mondelez International, Inc. from May 2012 to October 1, 2012. Mr. Lundgren received the retail industry's pre-eminent honor, the Gold Medal Award, from the National Retail Federation in 2008 and has been an active leader in many retail industry initiatives over many years. He was a Commissioner on women's economic development by the Mayor of New York in 2002 and was presented with Carnegie Hall's third annual Medal of Excellence for outstanding philanthropic leadership in the arts in 2008. Mr. Lundgren has Bachelor's Degree from the University of Arizona. He received an honorary Doctor of Law degree from the University of Arizona and was also awarded the honorary Doctor of Commercial Sciences degree from Suffolk University.

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